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GPs and LPs need to gather information on investment prospects, manage due diligence processes, conduct risk assessment and more in order to evaluate and close deals. The right software will help dealmakers streamline their workflows, improve accuracy, and reduce time.

A lot of private equity firms utilize different tools to manage their deals. These include word processing, spreadsheets notes-taking, to-do and note-taking applications and Blackbook. While juggling multiple tools at once may seem like a good idea, it can waste time and causes confusion in data. Dealmakers also run into risks when they use siloed third-party data sources, as there is no guarantee that the information has been scrutinized by only one vendor. Small vendors may also disappear at any time, leaving dealmakers to rework their strategies for making decisions.

When it's a urgent email from a potential client or an unexpected request for more information from a client, a dealmaker needs an easy-to-use system that can organize and access their information all in one location. Using a full CRM system with API integration for the most popular collaboration tools and a robust database that can store and consolidate more specific tools -- will enable dealmakers to save time, prevent losing data and ensure that all their communications are stored.

The best M&A tool can also help in the process of deal structuring and integration after mergers. For instance, an automated escrow service can streamline the M&A process by creating and storing transaction-specific documents in an accessible location. Furthermore, a comprehensive M&A platform can enhance due diligence capabilities by revealing difficult-to-find information about the company, as well as provide insight into the acquisition's potential growth and transaction readiness.